Reports Claim Ripple Building S.Korea Blockchain Ecosystem; How True is This?

Blockchain

These speculations recently emerged within the XRP camp amid the circulation of documents linking Ripple to a blockchain policy paper in Korea.

Reports have sprung up within the XRP community, claiming that Ripple is developing a blockchain ecosystem in South Korea. These claims emerged amid the circulation of documents linking Ripple to a blockchain policy paper in the country.

Edward Farina, an XRP proponent and the founder of the crypto trading community Alpha Lions Academy, first made these assertions as he called attention to an excerpt of a document that indicated a partnership between Ripple, GBC Korea, and Oxford Metrica.

BOOOOOOM 💣 #RIPPLE and #XRP literally taking over on Asian market.

Ripple is currently developing a blockchain ecosystem in Korea 🇰🇷 #XRP to be used as payment currency pic.twitter.com/Y3KYHf7cK0

— EDO FARINA 🅧 XRP (@edward_farina) May 13, 2023

Notably, the document gives an overview of GBC Korea, a blockchain company based in South Korea, as well as Ripple’s role in facilitating payments using RippleNet. It also highlights a proposed framework on how GBC Korea’s GMAP platform can help retail investors engage in mergers and acquisitions (M&A).

Reactions trailed the recent disclosure, with most proponents expressing their excitement over the development while others took the assertion with a pinch of salt.

Specifically, WrathofKahneman, a prominent XRP community influencer, provided more context on the document’s origin, revealing that the excerpt is from a blockchain policy paper in South Korea prepared by Ripple, GBC Korea, and Oxford Metrica in March 2022.

Tbh, I’m not sure what is being asserted. Ripple wrote a policy paper w/ GBC last year & GBC talked about an M&A platform utilizing it. Exciting they engaged in S.Korea’s policy but I would equate it with the similar engagement in Brazil so far:https://t.co/2YEuKQMOh4

— WrathofKahneman (@WKahneman) May 15, 2023

The Crypto Basic highlighted this policy paper last year, calling attention to the partnership between Ripple and GBC Korea. At the time, WrathofKahneman noted that it was unclear if GBC Korea would deepen its partnership with Ripple to leverage XRP or RippleNet for its GMAP platform.

The Global M&A Platform (GMAP) is a recently-introduced blockchain-based GBC Korea project allowing individual investors to participate in M&A (mergers and acquisitions) projects. GBC Korea touts it as the world’s first platform that allows individuals to invest in M&A projects.

No Official Statement from Ripple

Due to limited information, it is difficult to ascertain if Ripple plans to extend its reach into South Korea or provide blockchain-based payment solutions to GBC Korea. Neither of the two companies has explicitly made any statement in this regard. However, WrathofKahneman stressed that it is great for Ripple to have GBC as a friend there.

As a result of the past partnership with GBC Korea, speculations have emerged on the expansion of Ripple’s operations in Korea. However, these are mere conjectures, as the firm has not released any formal statement on progress made towards penetrating South Korea.